Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

$24.99

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

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Long-term Activity Ratios (Summary)

Comcast Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover
Total asset turnover
Equity turnover

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Fixed Asset Turnover
The net fixed asset turnover ratio began at 1.99 in the first recorded period of March 31, 2020, and demonstrated a general upward trend through December 31, 2021, reaching a peak of 2.27 by September 30, 2022. Following this peak, the ratio showed a gradual decline, decreasing to 1.94 by June 30, 2025. This pattern indicates an initial improvement in the efficiency of using fixed assets to generate sales, followed by a moderate decline in asset utilization efficiency towards the later periods.
Total Asset Turnover
Starting at 0.38 on March 31, 2020, the total asset turnover ratio increased steadily until it reached 0.48 on December 31, 2021. After this peak, the ratio slightly decreased and then stabilized around 0.46 for several periods, with a minor dip to 0.45 by June 30, 2025. This suggests an initial enhancement in the overall asset usage to generate revenues, followed by a period of stability with minimal fluctuations.
Equity Turnover
Equity turnover showed consistent growth from 1.15 on March 31, 2020, advancing to a high of 1.51 by December 31, 2021. Subsequently, the ratio experienced a gradual decrease to 1.28 by June 30, 2025. This trend reflects a strengthening in the company’s ability to generate sales from shareholders’ equity until late 2021, after which there was a slight but continuous reduction, indicating a decrease in sales generated per unit of equity over time.

Net Fixed Asset Turnover

Comcast Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue
Property and equipment, net of accumulated depreciation
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
Alphabet Inc.
Charter Communications Inc.
Meta Platforms Inc.
Netflix Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Net fixed asset turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Property and equipment, net of accumulated depreciation
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Revenue Analysis
The revenue figures exhibit some variability over the periods analyzed. Starting at approximately $26.6 billion in the first quarter of 2020, there was a noticeable decline in the second quarter of 2020, reaching around $23.7 billion. This was followed by a recovery phase, with revenue increasing steadily and peaking around $31.0 billion in the first quarter of 2022. After this peak, revenue experiences slight fluctuations but generally remains close to the $30 billion mark, with intermittent declines and rises through to the projected data for mid-2025, where revenue settles marginally below the earlier peak. The trend suggests resilience in revenue generation with moderate volatility likely influenced by external market conditions or operational factors.
Property and Equipment, Net of Accumulated Depreciation
The net value of property and equipment demonstrates a consistent upward trajectory throughout the examined quarters. Beginning at roughly $48.4 billion in early 2020, there is a steady increase each quarter, reaching above $64.0 billion by mid-2025. This steady increase indicates ongoing capital expenditures and asset additions exceeding depreciation expenses, reflecting continued investment in fixed assets and infrastructure expansion or upgrades over the period.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio begins at approximately 1.99 in late 2020 and shows a gradual increase through the subsequent quarters, peaking at around 2.27 in late 2022. This upward trend suggests improving efficiency in using fixed assets to generate revenue during this time frame. However, from late 2022 onward, the ratio displays a declining trend, decreasing to approximately 1.94 by late 2024. This decline may imply that asset utilization efficiency is reducing, possibly due to increased asset base expansion that is outpacing revenue growth or other operational changes affecting asset productivity.
Overall Observations
The financial data reveal a pattern of stable but fluctuating revenue with investments in fixed assets consistently increasing. The initial improvement in fixed asset turnover ratio followed by a decline indicates a period of efficient asset use followed by a phase where asset growth may not be translating as effectively into revenue gains. This could suggest potential challenges in maximizing the returns from capital investments or a strategic repositioning that involves asset buildup preceding expected future revenue growth.

Total Asset Turnover

Comcast Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
Alphabet Inc.
Charter Communications Inc.
Meta Platforms Inc.
Netflix Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Total asset turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Total assets
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Revenue Trends
Revenue exhibited some fluctuations over the analyzed quarters. Starting from approximately $26.6 billion in March 2020, revenue declined to around $23.7 billion in June 2020, likely reflecting short-term disruptions. Afterwards, a recovery phase is observed, with revenues rising steadily to about $30.3 billion by December 2020. In 2021, revenue continued to grow, peaking at roughly $30.3 billion in December, though exhibiting some variability within quarters. Moving into 2022 and early 2023, revenue showed moderate volatility, generally maintaining levels near $30 billion but without clear sustained growth, even dipping slightly in some quarters. Later quarters from mid-2023 through early 2024 reflected an upward movement reaching beyond $32 billion in some periods, indicating renewed growth momentum. However, the latest quarters in mid to late 2024 and early 2025 reveal a slight decrease, with revenue settling just below $30 billion again.
Total Assets Trends
Total assets showed a gradual increase starting from $262.4 billion in March 2020, peaking near $278.5 billion by March 2021. After this peak, assets slightly declined and fluctuated around the $260-270 billion range without substantial changes through 2022 and early 2023. The latter periods demonstrate a stable to slightly increasing trend again, with total assets rising toward nearly $274 billion by the end of 2024. This indicates relatively stable asset management with minor shifts, suggesting the company maintained its asset base with small adjustments rather than major expansion or contraction.
Total Asset Turnover Ratio Trends
The total asset turnover ratio, available from September 2020 onward, displayed an improving trend from 0.38 in September 2020 to 0.48 by December 2022, indicating increasing efficiency in utilizing assets to generate revenue during this period. Following this peak, the ratio slightly declined, stabilizing around 0.46 from early 2023 through the subsequent quarters, showing consistent but somewhat moderated asset use efficiency. Towards late 2024 and early 2025, there is a minor reduction to approximately 0.45, possibly reflecting the recent slight revenue decreases compared to the steadier asset base.
Overall Insights
The analysis reflects that revenue experienced periods of recovery and growth interspersed with some volatility, while total assets remained comparatively stable with minor fluctuations over the period. The increase in total asset turnover ratio through late 2022 suggests improvements in operational efficiency, although this efficiency appears to have plateaued and exhibited minor declines more recently. This combination of stable asset levels with fluctuating revenue and turnover ratios points to a phase of cautious growth and operational optimization rather than aggressive expansion.

Equity Turnover

Comcast Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue
Total Comcast Corporation shareholders’ equity
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Alphabet Inc.
Charter Communications Inc.
Meta Platforms Inc.
Netflix Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Equity turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Total Comcast Corporation shareholders’ equity
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The financial data reveals several notable trends over the observed period.

Revenue
The revenue figures exhibit a generally upward trajectory with fluctuations throughout the quarters. Initial revenue dropped from 26,609 million USD in March 2020 to 23,715 million USD in June 2020, possibly reflecting external economic impacts. Subsequently, revenue recovered and grew steadily, reaching peaks above 31,000 million USD in several quarters, notably December 2021 and December 2023. Some intermittent declines in revenue are observed, such as in the middle of 2022 and late 2024. Overall, the trend indicates resilience with moderate growth and periodic volatility consistent with seasonal or market factors.
Total Comcast Corporation shareholders’ equity
Shareholders' equity generally increased from 81,506 million USD in March 2020 to a peak of 96,851 million USD in June 2025. There was a downward correction during 2022, where equity declined from roughly 94,693 million USD in March 2022 to 80,296 million USD in September 2022, followed by stabilization and gradual recovery. This dip might indicate a significant event affecting equity, such as asset revaluation, dividends, or share buybacks. After this period, equity steadily rises again, demonstrating overall shareholder value growth over the long term.
Equity turnover ratio
The equity turnover ratio, which measures how effectively the company uses shareholders' equity to generate revenue, generally increased from 1.15 in September 2020 to a peak of 1.51 in September 2022. Post-2022, the ratio shows a declining trend, stabilizing near 1.28 by June 2025. This pattern suggests improving efficiency in revenue generation relative to equity up to 2022, with some reduced efficiency or more conservative equity utilization in later periods. The increase followed by a decline may reflect shifts in operational strategy, capital structure, or revenue growth dynamics.

In summary, revenue presents a trend of recovery and moderate growth with some variability, shareholders’ equity shows a long-term increase despite a notable mid-term dip, and equity turnover indicates an initial improvement in capital efficiency followed by stabilization. These insights reflect an overall positive but dynamic financial performance with the presence of cyclical influences and strategic adjustments.